Internal Memo Outlines Plan to End CFPB Oversight of Payday Lenders, Most of the Mortgage Market, and to “Deprioritize” Medical Debt and Many Other Areas
New data shows low-wage workers could pay $700/year or more under pending bills in Connecticut, Maryland, Massachusetts, New York, and other states NEW YORK – The New York Attorney General yesterday filed lawsuits against fintech payday lenders DailyPay and MoneyLion for violating the state’s usury rate laws and engaging in deceptive practices. The lawsuits reveal…
Read More about NY AG Lawsuit Shows Dangers of Fintech Payday Loan Bills
Agreement to vacate $8 late fee regulation sidesteps federal law giving the public the right to comment. WASHINGTON, D.C. – Yesterday, the Consumer Financial Protection Bureau (CFPB) dealt a blow to struggling consumers by seeking to remove the cap on credit card late fees. The CFPB filed a joint agreement with the Chamber of Commerce and the…
Read More about CFPB and Chamber of Commerce Move To Remove Limits on Credit Card Late Fees
CFPB’s 2024 Guidance Sought to Prevent Deceptive and Unfair Medical Debt Collections BOSTON – Sick or injured people may be more likely to be confronted by debt collectors attempting to collect medical bills they do not owe in the near future. Despite significant research about the problems caused by medical debt, the Consumer Financial Protection…
House votes to block CFPB’s $5 cap on big bank overdraft fees and oversight of big tech payment apps, building on tariff woes and high grocery costs.
Read More about House Republicans Ignore Rising Prices, Vote to Keep $35 Big Bank Overdraft Fees
Low-Income Borrowers Could Be Left in Repayment Until Death, and Parent PLUS Borrowers Would Be Left Without Affordable Payment Options
Appearing in Money Magazine on April 3, 2025, Adam Hardy interviews NCLC Senior Attorney Chi Chi Wu for coverage of BNPL lender Affirm beginning to send information on all its short-term lending products — including its increasingly popular “Pay in 4” BNPL loan — to the credit bureau Experian. “The big three credit bureaus have…
Read More about Money: Buy Now, Pay Later Loans Can Now Appear on Your Credit Report
Appearing in The New York Times on April 4, 2025, Ann Carrns talks to NCLC Associate Director Lauren Saunders for coverage of an executive order from President Trump that will require government agencies to make electronic payments for tax refunds, Social Security and other benefits as of Sept. 30. The president’s order specified that “limited…
National Consumer Law Center Releases Fact Sheets Detailing How Shrinking Borrower Defense and the Closed School Discharge Student Loan Relief Programs Would Hurt Millions of Borrowers
New Data Shows Which Very Large Institutions Will Profit Most if Congress Blocks Relief for Military, Civilian Families
Read More about Chase, Wells Fargo, Navy Fed Top Overdraft Fee Offenders List
LIHEAP keeps the heat on in winter, and cooling in the summer, for over 6 million families each year.
Former senior advisor to the director of CFPB returns to NCLC to head advocacy efforts.
Read More about Diane Thompson Joins NCLC as Deputy Director and Chief Advocacy Officer
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